Bonds
Below you can find more information about the “Value Square Fund Bonds” compartment.
Remarks
Before deciding to invest in the compartment, you should first read the prospectus and the essential information document (PRIIPS KID). The documents are available in Dutch. You can find these documents further on this page. This is an advertising announcement.
Goal
The purpose of this compartment is to provide shareholders with exposure to the bond markets.
The portfolio of the sub-fund consists primarily of bonds and other debt instruments or equivalent securities expressed in euro. This focuses on instruments that have been rated as “investment grade” or equivalent.
The shareholders of the sub-fund do not enjoy any protection or capital guarantee.
Strategy
The assets of this sub-fund are invested at least 65% in debt instruments (bonds and other similar securities) expressed in euro. In addition, investments are mainly made in investment-grade debt instruments or, if none is available, a credit assessment score that is at least equivalent in the manager's opinion.
The selection of the bonds is based on a fundamental analysis of the issuer combined with macroeconomic insights.
Contrary to the above strategy, as part of the normal careful management of the investment portfolio, the manager of the sub-fund may consider that he should anticipate extreme market conditions and therefore decide to invest 100% of the assets in government bonds, money market instruments, deposits or cash, with a maximum of 50% of the assets. The assessment of this normal prudent management is based on the information available to the manager at the time of making the investment decision.
Active portfolio management
The sub-fund's portfolio is actively managed by the portfolio manager, which means that he makes discretionary investment choices at portfolio level within the limits of the investment objective and policy.
The management method is not aligned with an index.
Essentiële
informatiedocumenten
features
General
- Compartment of: Value Square Fund
- Legal form: self-managed order
- Domicile: Belgium
Fees and taxes
Costs
- Entry fee: Maximum 1%, for the benefit of your distributor
- Exit allowance: none
- Management fee: C class: max. 0.60%
- Ongoing costs (sum of “Management costs and other administrative or operating costs”) and “Transaction costs”): C CAP class: 0.68%, C DIS class: 0.68%
- Performance fee: none
- Anti-dilution levy: In exceptional circumstances, an additional cost (anti dilution levy) may be charged on all entries or withdrawals of a compartment to protect investors against liquidity risk. This cost can range from 0% to a maximum of 5%. More information can be found in the stock prospectus.
Taxes
- The following taxes are imposed on an average non-professional investor (physical person, resident of Belgium).
- Stock market tax: Capitalization classes: 0% upon entry; 1.32% upon exit (max. €4,000). Distribution classes: None.
- Withholding tax: Capitalization classes: None. Distribution classes: 30% on dividends (The withholding tax on dividends applies to a non-professional investor, natural (physical) person)).
- Reynders Tax: 30% capital gain tax on the realised capital gain of a sub-fund that has invested more than 10% of its assets in fixed income products.
Minimal investment
- C class: 1 share certificate
Risks
Description of the risks that are considered significant and relevant, as assessed by the compartment:
- Market risk: the sub-fund invests primarily in bonds whose prices may fall as a result of worsening macroeconomic conditions, specific business conditions, or as a result of general market psychology.
- Credit risk: the sub-fund can invest in both recognized good quality bonds and bonds that have a high credit risk (high-yield bonds) and is therefore slightly exposed to the risk that may arise if the issuer of the bond fails to meet its payment obligations.
- Liquidity risk: is the risk that the fund manager will fail to sell a security/position of the sub-fund at normal market value and within a reasonable period of time due to a lack of buyers.
- Exchange rate or currency risk: the sub-fund invests worldwide, so part of the portfolio is sensitive to exchange rate fluctuations.
- Return risk: the compartment is actively managed and is not linked to an index. As a result, the compartment's return can differ significantly from the general market return.
- Inflation risk: as inflation rises in a given country, the purchasing power of that country's currency, as well as the value of the bond, decreases. The compartment does not protect against a rise in inflation and, therefore, investment returns may not be maintained at the rate of inflation.
Investor rights
For more information about investor rights, you can always visit our”Legal information“visit the web page or open this link. The information in the document is available in Dutch, French and English.